Stock Compensation Plan

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

(16) Stock Compensation Plan

The Company had a stock-based employee compensation plan which allowed for the issuance of stock options and restricted common stock, the purpose of which was to provide additional incentive to certain officers, directors, and key employees by facilitating their purchase of a stock interest in the Company. Compensation expense related to prior awards is recognized on a straight line basis over the vesting period, which is typically four or five years. During 2011, all awards remaining available under the Company’s 2001 Stock Incentive Plan were awarded. The stock-based compensation cost related to these awards was $55,000, $58,000 and $82,000 for the years ended December 31, 2014, 2013 and 2012, respectively. The Company recognized tax benefits of $15,000, $30,000 and $6,000 for the years ended December 31, 2014, 2013 and 2012, respectively.

A summary of option activity during 2014 is presented below:

			Weighted		Weighted
			average		average
			exercise		remaining		Aggregate
			price		contractual		intrinsic
(Dollars in thousands, except per share amounts)	Shares		per share		term		value
Outstanding at January 1, 2014		426,748	$	17.23		3.4 years	$	1,011
Effect of 5% stock dividend		16,402
Forfeited/expired		(1,184)	$	14.04
Exercised		(97,492)	$	17.92
Outstanding at December 31, 2014		344,474	$	16.27		3.1 years	$	1,690
Exercisable at December 31, 2014		329,726	$	16.40		2.9 years	$	1,575
Vested and expected to vest at December 31, 2014		344,474	$	16.27		3.1 years	$	1,690

A summary of nonvested option activity during 2014 is presented below:

				Weighted
				average
				exercise
				price
	Shares			per share
Nonvested options at January 1, 2014		30,459	$	14.04
Forfeited/expired		(1,184)	$	14.04
Vested		(15,230)	$	14.04
Effect of 5% stock dividend		703
Nonvested options at December 31, 2014		14,748	$	13.37

Additional information about stock options exercised is presented below:

	Years ended December 31,
(Dollars in thousands)	2014		2013		2012
Intrinsic value of options exercised (on exercise date)	$	186	$	126	$	2
Cash received from options exercised		493		1,244		5
Excess tax benefit realized from options exercised	$	14	$	29	$	1

As of December 31, 2014, there was $5,000 of total unrecognized compensation cost related to outstanding unvested options that will be recognized during 2015.